- European markets were mixed on Thursday. The U.K.’s FTSE 100 fell by 0.04% or -2.69 points to 6,877.50 after finishing up 1% on Wednesday in New York.
While yesterday it was all about Brexit, where a ‘vote of no confidence’ in Theresa May had been called by Tory MPs leading to her winning and brushing it aside as just another road bump along the way, today's markets were fixated onThe European Central Bank which remains on hold. However, the Council still sees risks as broadly balanced, but crucially, Draghi added that they “are moving to the downside”.
Best and worst
As for the performers in the FTSE Standard Life Aberdeen Plc last traded at 244.00, up by +10.95 or 4.70% while Tui AG-DI last traded at 1,190.00, up +51.00 points or by 4.48%. Shire Plc last traded at 4,657.50, adding +117.50 or 2.59%. As for the worst of the 100, Mondi Plc last traded at 1,632.50, losing -66.50 points or -3.91%. Marks & Spencer Group Plc traded last at 266.00, dropping -10.50 points of -3.80% while Barratt Developments Plc ended at 452.70, down by -15.40 points or -3.29%.
FTSE levels
- Support levels: 6827 6782 674.
- Resistance levels: 6910 6948 6993.
The FTSE has stalled within its three-day winning streak of higher lows and highs, stopped in its tracks by the resistance of R1 and the prior day's highs. The index is now consolidated on a 4hr basis above the 214hr SMA while RSI dips and DMIs hold neutral/bullish. The upside target for the bulls is the 2018 range 23.6% Fibo at 7098, (the 38.2% Fibo of 2018's range at 7262 is the critical objective thereafter), although submerged below bearish MAs, the price will likely struggle much beyond R2 and the confluence of the 21-D SMA at 6,952. The Dec 2016 lows at 6680 are a key downside target.
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